10-01-2014, 01:17 AM (This post was last modified: 10-01-2014, 01:24 AM by 2126.)
I normally try only to post with factual information but this morning I'll vent a little bit. It gets very tiresome reading some of the recent posts that: "The management is bad, the communications are bad, their drilling team is poor, they don't know what they are doing, they don't know US investors, they don't care about small investors, they don't ....." The latest concern was that they wouldn't meet their own self-imposed deadline of drilling updates by end of September. Then, of course, when they do, in fact, meet this deadline, the complaints pile up immediately that: "the report is crap, they don't know what they are doing, they are incompetent, they are getting nowhere."
Why not simply view the facts regarding IOC and comment on them rationally? IOC is drilling in some of the most difficult terrain and subsurface conditions on earth. They are currently drilling 3 wells, with another in suspension while they determine the way forward and secure the correct equipment for continuation of the drilling. Certainly the drilling is slow going and the communications are brief and to the point, but where is the bad news in the facts that they are setting casing, nearing depth or continuing through the Orubadi share, and, ultimately, still drilling. Bad news is a dry hole or two or three. Good news is what we got this morning, and we got it right on time.
I normally try only to post with factual information but this morning I'll vent a little bit. It gets very tiresome reading some of the recent posts that: "The management is bad, the communications are bad, their drilling team is poor, they don't know what they are doing, they don't know US investors, they don't care about small investors, they don't ....." The latest concern was that they wouldn't meet their own self-imposed deadline of drilling updates by end of September. Then, of course, when they do, in fact, meet this deadline, the complaints pile up immediately that: "the report is crap, they don't know what they are doing, they are incompetent, they are getting nowhere."
Why not simply view the facts regarding IOC and comment on them rationally? IOC is drilling in some of the most difficult terrain and subsurface conditions on earth. They are currently drilling 3 wells, with another in suspension while they determine the way forward and secure the correct equipment for continuation of the drilling. Certainly the drilling is slow going and the communications are brief and to the point, but where is the bad news in the facts that they are setting casing, nearing depth or continuing through the Orubadi share, and, ultimately, still drilling. Bad news is a dry hole or two or three. Good news is what we got this morning, and we got it right on time.
Couldn't agree more and "one more thing," Emotions are an investor's worst enemy..
Why not simply view the facts regarding IOC and comment on them rationally? IOC is drilling in some of the most difficult terrain and subsurface conditions on earth. They are currently drilling 3 wells, with another in suspension while they determine the way forward and secure the correct equipment for continuation of the drilling. Certainly the drilling is slow going and the communications are brief and to the point, but where is the bad news in the facts that they are setting casing, nearing depth or coninuting through the Orubadi share, and, ultimately, still drilling. Bad news is a dry hole or two or three. Good news is what we got this morning, and we got it right on time.
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I applaud your preference for rational judgements. I have though little reason to suspect they are drilling " in some of the most difficult terrain and subsurface conditions on earth". When I google "sticky shale drilling" I get 117,000 results in 0.46 seconds. When I google "sticky shale drilling seismically active" I get 128,000 results in 0.52 seconds. My conclusion would be these are tough conditions but certainly not without alot of precedent and hence notextraordinary. And these wells are certainly not in the remote arctic or offshore in deep water.
No one will argue these communications are not brief. 'No well has reached reservoir depth to date' might be briefer. To the point? I'm not sure what the point of the release was other than to meet the promise to report by September.
I'll also agree there is reason to state this is not bad news. But good news? That's a false choice. We got no news in this report. We got no news other than they are working on installing a 7" casing to the bottom of the shale at Raptor together with the clear implication they have had a setback in the past six weeks at Bobcat.
My question to you is, given IOC is an exploration company and at the root of its value is its exploration activities, should any and all situations encountered affecting the rate of drilling progress (or lack thereof) be considered "material events"?
I normally try only to post with factual information but this morning I'll vent a little bit. It gets very tiresome reading some of the recent posts that: "The management is bad, the communications are bad, their drilling team is poor, they don't know what they are doing, they don't know US investors, they don't care about small investors, they don't ....." The latest concern was that they wouldn't meet their own self-imposed deadline of drilling updates by end of September. Then, of course, when they do, in fact, meet this deadline, the complaints pile up immediately that: "the report is crap, they don't know what they are doing, they are incompetent, they are getting nowhere."
Why not simply view the facts regarding IOC and comment on them rationally? IOC is drilling in some of the most difficult terrain and subsurface conditions on earth. They are currently drilling 3 wells, with another in suspension while they determine the way forward and secure the correct equipment for continuation of the drilling. Certainly the drilling is slow going and the communications are brief and to the point, but where is the bad news in the facts that they are setting casing, nearing depth or continuing through the Orubadi share, and, ultimately, still drilling. Bad news is a dry hole or two or three. Good news is what we got this morning, and we got it right on time.
We are on the same page. It is very much good news. Some folks need to take off the blinders and look around and listen to what was mentioned in the update.
Hint:
12km from Elk-Ant
Trend #3
Similar characteristics to Antelope exploration wells.
Meg LaSalle today reminded me of how deep these wells are drilling in over pressured situations. Raptor is 4500 meters and Bobcat 3100 meters which is way deeper than Interoil has ever drilled before. In the US 30 feet of reservoir rock is a large find. At Antelope when in the reservoir rock they averaged 300 feet a day. Will we get a DST after several days of drilling into the reservoir rock at Raptor??I encourage people to contact IR and ask for that report. Throw us a bone..
'ArtM72' pid='50226' datel Wrote:August 13th in the CC Hession said: "With that in mind, let's turn to Bobcat and Raptor. Bobcat is a test of a seismic and gravity-defined structure on the proven trend between Triceratops and Elk. We're currently drilling in the Orubadi, our seal, which we have proven is present. High pressures are being encountered, which is common in heavily structured areas like ours. We're nearing but have not yet reached prognosed target depth. Patience is required." So in the six weeks since August 13th at Bobcat we've gone from "We're nearing but have not yet reached prognosed target depth" to "The Bobcat-1 well in PPL 476 in Papua New Guinea continues to drill in the Orubadi shale, towards the Kapau Limestone target zone." How can anyone conclude anything other than Hession has his crews drilling with the bit upside down? This is unmitigated crap. There's an awfully big story here somewhere. I'm immediately reminded of the newly released tapes by the (former) Fed specialist Carmen Segarra where a senior Goldman compliance officer stated "Once clients were wealthy enough certain consumer laws didn’t apply to them.” (http://www.thisamericanlife.org/radio-ar...arra?act=0 (09:30) )
Exactly! Aparantly we're at less depth now than we were 6 weeks ago. The "new Interoil" is looking more and more like the "old interoil"... except they cannot drill, or release information;
I would say you have reached an incorrect conclusion about the depth, or are expressing your impatience and frustration with some irrational sarcasm.
'admin' pid='50230' datel Wrote:I understand all the frustration, but none of the two pay zone's have been hit yet, when that happens and one of these turns out to be prolific I think most of the waiting will be forgotten, perhaps not entirely, but in the greater scheme of things it won't matter all that much. Apparently drilling conditions are very tough, but it's still all to play for here. To me it's a buy at these levels.
Again we wait. The drilling problems allow us to delay results until after arbitration. only IMHO
Go ahead and buy more STP but the time value of money keeps me from pulling the trigger. I admire your courage. After five years of delays I have learned my lesson.
Why would they "delay results until after arbitration"? IMHO, you're wrong about that.
I normally try only to post with factual information but this morning I'll vent a little bit. It gets very tiresome reading some of the recent posts that: "The management is bad, the communications are bad, their drilling team is poor, they don't know what they are doing, they don't know US investors, they don't care about small investors, they don't ....." The latest concern was that they wouldn't meet their own self-imposed deadline of drilling updates by end of September. Then, of course, when they do, in fact, meet this deadline, the complaints pile up immediately that: "the report is crap, they don't know what they are doing, they are incompetent, they are getting nowhere."
Why not simply view the facts regarding IOC and comment on them rationally? IOC is drilling in some of the most difficult terrain and subsurface conditions on earth. They are currently drilling 3 wells, with another in suspension while they determine the way forward and secure the correct equipment for continuation of the drilling. Certainly the drilling is slow going and the communications are brief and to the point, but where is the bad news in the facts that they are setting casing, nearing depth or continuing through the Orubadi share, and, ultimately, still drilling. Bad news is a dry hole or two or three. Good news is what we got this morning, and we got it right on time.
We are on the same page. It is very much good news. Some folks need to take off the blinders and look around and listen to what was mentioned in the update.
Hint:
12km from Elk-Ant
Trend #3
Similar characteristics to Antelope exploration wells.
AMEN, Tusker!!! Not as much as I would like, but definitely significant news and very positive news, IMO, for the reasons you give and I have given. Perhaps one minor correction, in that the third well (Wahoo) is not currently "drilling" as far as I know, but they are working on getting to that point again, with positive indications of what they have there so far. I shall be surprised if they don't hit discoveries at three out of three, and then another at Antelope Deep!
